You should really sit down with an attorney to decide your best option. It sounds like a chapter 7 since you have credit card debt that you need to wipe out, but there are things that could change it to a chapter 13.
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Alabama. Responses are based solely on Alabama law unless stated otherwise.
Depending on your income, I would seriously consider filing a Chapter 13 proceeding. This would allow you to strip off your 4th mortgage and not pay it anymore if you complete your Chapter 13 plan. This is a very technical process but we have had great success with lien strips on primary residences over the last 4 years or so. The only hitch is that you will definitely need to get the 3rd mortgage lender on board early on (maybe even before you file your Chapter 13).
You will need to see an experienced Chapter 13 bankruptcy attorney ASAP. Good Luck!
From the facts stated, it sounds like you also own a business that is either no longer operating or is slowly being liquidated. This may not be in your interest if you are interested in filing bankruptcy. Furthermore, you may need to bankrupt your business and the liquidations are not in the ordinary course of business and may prevent a discharge. If you file Chapter 7 you are liquidating yourself and attempting to get rid of (discharge in legalese) your debts. You will be required to surrender your assets that are above the limit of assets considered exempt under Alabama law. You may be able to keep secured assets, cars and houses, if you are current and "reaffirm" that debt. In Chapter 13 your are reorganizing your debt and trying to pay some or all of it through a single payment monthly to a Bankruptcy Trustee. The benefit of this is you can keep your property in most instances and you go from having to make numerous payments to numerous creditors, to making a single payment which is less than sum of all the payments you make today. The decision on which chapter to file is beyond the scope of this forum and is a complicated one particularly in your case where you have a separate business and 4 mortgages against your home. It would be in your interest to consult an experienced bankruptcy and debt negotiation attorney prior to liquidating any further property to pay your mortgage.